5 Key Takeaways From The Industrial Packaging Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Industrial Packaging Global Market Report 2023, the industrial packaging market is expected to show significant growth in the forecast period.
Key insights from the industrial packaging market forecast include:
- Market Size
The global industrial packaging market will increase from $69.66 billion in 2022 to $75.04 billion in 2023, with a 7.7% CAGR. By 2027, it’s forecasted to reach $95.3 billion, growing at a 6.2% CAGR.
- Major Driver
Growing global food demand is expected to boost the industrial packaging sector. Due to increased food safety concerns during the pandemic, customers now prefer packaged food. Packaging materials are vital for safe food storage and handling. Sales of packaged food surged by 95% YoY before the Christmas season, driven by increased out-of-home consumption and ready-to-eat products. Thus, rising global food demand will drive the industrial packaging industry.
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- Key Trend
The industrial packaging sector is witnessing a growing trend in technological advancements. Artificial intelligence (AI) is increasingly employed by businesses to enhance packaging solutions through algorithms and computer technology. AI finds use in inspection, data labeling, product recycling, and various other applications. In April 2022, DHL Supply Chain introduced an on-demand packaging solution, OptiCarton, powered by AI, to enhance cost-effectiveness and environmental responsibility. It optimizes box filling from a pre-configured carton set and may suggest splitting orders into smaller shipments for cost efficiency or reduced carbon footprint.
- Major Players
Key players in the industrial packaging market include Grief Inc., Mondi PLC, Amcor Limited, Westrock Company, International Paper Company, Bemis Company Inc., AmeriGlobe, Sigma Plastics Group, Sealed Air, Sonoco Products Company, Smurfit Kappa, Packaging Corporation of America, Tank Holding Corp, Schaefer Container Systems, WERIT Kunststoffwerke Schneider GmbH & Co KG, and Cascades Inc.
- Top Market Segments
The worldwide industrial packaging market divides into segments:
1). Product: Drums, Intermediate Bulk Containers (IBCs), Sacks, Pails, Crates/Totes
2). Material: Paperboard, Plastic, Metal, Wood, Fiber
3). Application: Chemical & Pharmaceutical, Building & Construction, Food & Beverage, Oil & Lubricant, Agriculture & Horticulture, Others (Plastics & Rubber, Automobile, Engineering, Other Metal Products)
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The Industrial Packaging Global Market Report 2023 provides an in-depth analysis on the industrial packaging market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the industrial packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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